Free trade between countries seems to be gaining traction among different Governments thanks to the numerous benefits they bring. Actually, Free Trade Agreements carry with them the potential of offering exporters with a wide range of benefits, such as lower or zero tariffs that are designed to increase the competitive nature of their goods and services in FTA partners markets.
Moreover, Free Trade Agreements are designed to allow for greater legal certainty, making it easy for exporters to count on the provision to protect their rights and interests. Not to mention these agreements help foster cooperation thanks to technical assistance, innovation, and regulatory alignment.
But to reap maximum benefits from free trade between countries as a business owner, you will first have to know about their existence. The catch lies in undertaking a market research and analysis, which entails assessing your export readiness while at the same time evaluating the goods and services, target markets, resources, and capabilities, to mention a few.
Your preparation doesn’t end at that since you need to figure out which Free Trade Agreements your home nation has signed or is currently negotiating. The same applies to the FTAs covering your target markets and sectors. It is only then that you stand a good chance of enjoying the numerous benefits accompanying free trade between countries.
Keep in mind you must comply with the set Free Trade Agreements rules and regulations. For this to happen, it is essential that get yourself a certificate of origin that verifies your goods and services qualify for FTA benefits. This could entail applying for a certificate of origin from a designated authority or self-certifying your goods, based on the FTA provisions.
To get the most from Free Trade Agreements and resources, it is in your best interest that you engage with the concerned stakeholders, such as government agencies and other business. In this way, you stand a better chance of getting the much-needed information and advice. So, what are you waiting for before you finally leverage free trade between countries?
